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Synopsis
Timetric’s 'Non-Life Insurance in South Africa, Key Trends and Opportunities to 2019' report provides a detailed outlook by product category for the South African non-life insurance segment, and a comparison of the South African insurance industry with its regional counterparts.

It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions during the review period (2010–2014) and forecast period (2014–2019).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the South African economy and demographics, explains the various types of natural hazard and their impact on the South African insurance industry, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Summary
Timetric’s ' Non-Life Insurance in South Africa, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the South African non-life insurance segment, including:

- The South African non-life insurance segment’s detailed outlook by product category

- A comprehensive overview of the South African economy and demographics

- A comparison of the South African insurance industry with its regional counterparts

- The various distribution channels in the South African non-life insurance segment

- Detailed analysis of natural hazards and their impact on the South African insurance industry

- Details of the competitive landscape in the life insurance segment in South Africa

- Details of regulatory policy applicable to the South African insurance industry

Scope
This report provides a comprehensive analysis of the non-life insurance segment in South Africa:

- It provides historical values for the South African non-life insurance segment for the report’s 2010–2014 review period, and projected figures for the 2014–2019 forecast period.

- It offers a detailed analysis of the key categories in the South African non-life insurance segment, and market forecasts to 2019.

- It profiles the top non-life insurance companies in South Africa, and outlines the key regulations affecting them.

Reasons To Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the South African non-life insurance segment, and each category within it.

- Understand the demand-side dynamics, key market trends and growth opportunities in the South African non-life insurance segment.

- Assess the competitive dynamics in the non-life insurance segment.

- Identify growth opportunities and market dynamics in key product categories.

- Gain insights into key regulations governing the South African insurance industry, and their impact on companies and the industry's future.

Key Highlights
- The gross written premium of the South African non-life insurance segment rose at a review-period CAGR of 8.4%.

- The non-life segment accounted for 17.2% of the industry’s gross written premium in 2014.

- At 2.5%, South Africa’s non-life insurance penetration rate is higher than in other countries in Africa, such as Morocco (1.7%), Lesotho (1.5%) and Zimbabwe (1.4%) in 2014.

- The South African non-life segment is highly competitive, with 90 companies licensed to operate in the country as of 2014.

- South African non-life insurers market products through brokers, direct marketing, e-commerce, bancassurance and other channels.

Table Of Contents

Non-Life Insurance in South Africa, Key Trends and Opportunities to 2019
Table of Contents
1 Key Facts and Highlights
2 Executive Summary
3 Economy and Demographics
4 Segment Outlook
4.1 Regional Comparison
4.2 Segment Indicators
4.2.1 Gross written premium and penetration
4.2.2 Claims
4.2.3 Profitability
4.2.4 Assets and investments
5 Outlook by Category
5.1 Property Insurance
5.1.1 Product overview
5.1.2 Premium
5.1.3 Claims
5.1.4 Profitability
5.2 Motor Insurance
5.2.1 Product overview
5.2.2 Premium
5.2.3 Claims
5.2.4 Profitability
5.3 Liability Insurance
5.3.1 Product overview
5.3.2 Premium
5.3.3 Claims
5.3.4 Profitability
5.4 Marine, Aviation and Transit Insurance
5.4.1 Product overview
5.4.2 Premium
5.4.3 Claims
5.4.4 Profitability
6 Distribution Channel Outlook
7 Natural Hazards
7.1 Floods
7.2 Extreme Temperature
7.3 Drought
8 Competitive Landscape and Strategic Insights
8.1 Overview
8.2 Leading Companies in the South African Non-Life Insurance Segment
8.2.1 Santam Ltd - company overview
8.2.2 Mutual and Federal Insurance Company Ltd - company overview
8.2.3 Hollard Insurance Company Ltd - company overview
8.2.4 Outsurance Company Ltd - company overview
8.2.5 Guardrisk Insurance Company Ltd - company overview
9 Governance, Risk and Compliance
9.1 Legislation Overview and Historical Evolution
9.2 Latest Changes in Regulations
9.3 Legislation and Market Practice by Type of Insurance
9.3.1 Life insurance
9.3.2 Property insurance
9.3.3 Motor insurance
9.3.4 Liability Insurance
9.3.5 Marine, aviation and transit insurance
9.3.6 Personal accident and health insurance
9.4 Compulsory Insurance
9.4.1 Motor third-party liability insurance
9.4.2 Aviation third-party liability insurance
9.4.3 Unemployment insurance
9.4.4 Compensation for occupational diseases and injuries
9.4.5 Public liability insurance
9.5 Supervision and Control
9.5.1 International Association of Insurance Supervisors (IAIS)
9.5.2 African Insurance Organization (AIO)
9.5.3 Financial Services Board
9.5.4 South African Insurance Association (SAIA)
9.6 Non-Admitted Insurance Regulations
9.6.1 Overview
9.6.2 Intermediaries
9.6.3 Market practices
9.6.4 Fines and penalties
9.7 Company Registration and Operations
9.7.1 Types of insurance organization
9.7.2 Establishing a local company
9.7.3 Foreign ownership
9.7.4 Types of license
9.7.5 Capital requirements
9.7.6 Solvency margins
9.7.7 Reserve requirements
9.7.8 Investment regulations
9.7.9 Statutory return requirements
9.7.10 Fee structure
9.8 Taxation
9.8.1 Insurance premium or policy taxation
9.8.2 Withholding taxes on premium paid overseas
9.8.3 Corporate tax
9.8.4 VAT
9.8.5 Captives
9.9 Legal System
9.9.1 Introduction
9.9.2 Access to court
9.9.3 Alternative dispute resolution (ADR)
10 Databook
10.1 Policies and Premium
11 Definitions and Methodology
11.1 Definitions
11.2 Methodology
12 About Timetric
12.1 Contact Timetric
12.2 About Timetric
12.3 Timetric's Services
12.4 Disclaimer

List of Tables
Table 1: South African Non-Life Insurance - Key Facts, 2014
Table 2: South African Non-Life Insurance - Segment Shares of the Top Insurers, 2014
Table 3: South African Government Credit Ratings
Table 4: South African Non-Life Insurance - Gross Written Premium (ZAR Billion and US$ Billion), 2010-2014
Table 5: South African Non-Life Insurance - Penetration (%), 2010-2014
Table 6: South African Non-Life Insurance - Gross Written Premium (ZAR Billion and US$ Billion), 2014-2019
Table 7: South African Non-Life Insurance - Penetration (%), 2014-2019
Table 8: South African Non-Life Insurance - Premium per Capita (ZAR and US$), 2010-2014
Table 9: South African Non-Life Insurance - Premium per Capita (ZAR and US$), 2014-2019
Table 10: South African Non-Life Insurance - Paid Claims (ZAR Billion and US$ Billion), 2010-2014
Table 11: South African Non-Life Insurance - Paid Claims (ZAR Billion and US$ Billion), 2014-2019
Table 12: South African Non-Life Insurance - Profitability Ratios (%), 2010-2014
Table 13: South African Non-Life Insurance - Profitability Ratios (%), 2014-2019
Table 14: South African Non-Life Insurance - Total Assets (ZAR Billion and US$ Billion), 2010-2014
Table 15: South African Non-Life Insurance - Total Assets (ZAR Billion and US$ Billion), 2014-2019
Table 16: South African Non-Life Insurance - Total Investment Income (ZAR Billion and US$ Billion), 2010-2014
Table 17: South African Non-Life Insurance - Total Investment Income (ZAR Billion and US$ Billion), 2014-2019
Table 18: South African Non-Life Insurance - Investment Portfolio (ZAR Billion), 2010-2014
Table 19: South African Non-Life Insurance - Investment Portfolio (ZAR Billion), 2014-2019
Table 20: South African Non-Life Insurance - Gross Written Premium by Category (ZAR Billion), 2010-2014
Table 21: South African Non-Life Insurance - Gross Written Premium by Category (ZAR Billion), 2014-2019
Table 22: South African Property Insurance - Gross Written Premium by Sub-Category (ZAR Billion), 2010-2014
Table 23: South African Property Insurance - Gross Written Premium by Sub-Category (ZAR Billion), 2014-2019
Table 24: South African Property Insurance - Paid Claims (ZAR Billion and US$ Billion), 2010-2014
Table 25: South African Property Insurance - Paid Claims (ZAR Billion and US$ Billion), 2014-2019
Table 26: South African Property Insurance - Loss Ratio (%), 2010-2014
Table 27: South African Property Insurance - Loss Ratio (%), 2014-2019
Table 28: South African Motor Insurance - Gross Written Premium (ZAR Billion), 2010-2014
Table 29: South African Motor Insurance - Gross Written Premium (ZAR Billion), 2014-2019
Table 30: South African Motor Insurance - Paid Claims (ZAR Billion and US$ Billion), 2010-2014
Table 31: South African Motor Insurance - Paid Claims (ZAR Billion and US$ Billion), 2014-2019
Table 32: South African Motor Insurance - Loss Ratio (%), 2010-2014
Table 33: South African Motor Insurance - Loss Ratio (%), 2014-2019
Table 34: South African Liability Insurance - Gross Written Premium (ZAR Billion), 2010-2014
Table 35: South African Liability Insurance - Gross Written Premium (ZAR Billion), 2014-2019
Table 36: South African Liability Insurance - Paid Claims (ZAR Billion and US$ Billion), 2010-2014
Table 37: South African Liability Insurance - Paid Claims (ZAR Billion and US$ Billion), 2014-2019
Table 38: South African Liability Insurance - Loss Ratio (%), 2010-2014
Table 39: South African Liability Insurance - Loss Ratio (%), 2014-2019
Table 40: South African Transport Network - Global Rankings
Table 41: South African Marine, Aviation and Transit Insurance - Gross Written Premium (ZAR Billion), 2010-2014
Table 42: South African Marine, Aviation and Transit Insurance - Gross Written Premium (ZAR Billion), 2014-2019
Table 43: South African Marine, Aviation and Transit Insurance - Paid Claims (ZAR Million and US$ Billion), 2010-2014
Table 44: South African Marine, Aviation and Transit Insurance - Paid Claims (ZAR Million and US$ Billion), 2014-2019
Table 45: South African Marine, Aviation and Transit Insurance - Loss Ratio (%), 2010-2014
Table 46: South African Marine, Aviation and Transit Insurance - Loss Ratio (%), 2014-2019
Table 47: Shares of Key Insurers in the South African Non-Life Segment (%), 2014
Table 48: Santam Ltd - Key Facts
Table 49: Santam Ltd - Key Financials (ZAR Million)
Table 50: Mutual and Federal Insurance Company Ltd - Key Facts
Table 51: Mutual and Federal Insurance Company Ltd - Key Financials (ZAR Million)
Table 52: Hollard Insurance Company Ltd - Key Facts
Table 53: Hollard Insurance Company Ltd - Key Financials (ZAR Million)
Table 54: Outsurance Company Ltd - Key Facts
Table 55: Outsurance Company Ltd - Key Financials (ZAR Million)
Table 56: Guardrisk Insurance Company Ltd - Key Facts
Table 57: Guardrisk Insurance Company Ltd - Key Financials (ZAR Million)
Table 58: South Africa - Insurance Regulatory Framework Key Features
Table 59: South Africa - Life Insurance Regulatory Framework
Table 60: South Africa - Property Insurance Regulatory Framework
Table 61: South Africa - SASRIA Annual and Monthly Premium Rates
Table 62: South Africa - Motor Insurance Regulatory Framework
Table 63: South Africa - Liability Insurance Regulatory Framework
Table 64: South Africa - Corporate Tax Rates in South Africa for the Financial Year 2015
Table 65: South African Insurance Industry - Policies and Premium, 2010-2014
Table 66: South African Insurance Industry - Policies and Premium, 2014-2019
Table 67: South African Non-Life Insurance - Policies and Premium, 2010-2014
Table 68: South African Non-Life Insurance - Policies and Premium, 2014-2019
Table 69: South African Non-Life Insurance - Property Insurance Policies and Premium, 2010-2014
Table 70: South African Non-Life Insurance - Property Insurance Policies and Premium, 2014-2019
Table 71: South African Non-Life Insurance - Motor Insurance Policies and Premium, 2010-2014
Table 72: South African Non-Life Insurance - Motor Insurance Policies and Premium, 2014-2019
Table 73: South African Non-Life Insurance - Liability Insurance Policies and Premium, 2010-2014
Table 74: South African Non-Life Insurance - Liability Insurance Policies and Premium, 2014-2019
Table 75: South African Non-Life Insurance - Marine, Aviation and Transit Insurance Policies and Premium, 2010-2014
Table 76: South African Non-Life Insurance - Marine, Aviation and Transit Insurance Policies and Premium, 2014-2019
Table 77: South African Non-Life Insurance - Gross Written Premium by Sub-Category (ZAR Billion), 2010-2014
Table 78: South African Non-Life Insurance - Gross Written Premium by Sub-Category (ZAR Billion), 2014-2019
Table 79: South African Non-Life Insurance - Direct Written Premium by Sub-Category (ZAR), 2010-2014
Table 80: South African Non-Life Insurance - Direct Written Premium by Sub-Category (ZAR), 2014-2019
Table 81: South African Non-Life Insurance - Penetration by Sub-Category (%), 2010-2014
Table 82: South African Non-Life Insurance - Penetration by Sub-Category (%), 2014-2019
Table 83: Insurance Industry Definitions

List of Figures
Figure 1: South African Real GDP (ZAR Trillion), 2010-2019
Figure 2: ZAR-US$ Exchange Rate, 2010-2019
Figure 3: South African Consumer Price Inflation, 2010-2019
Figure 4: South African Current Account Balance as a Percentage of GDP (%), 2010-2019
Figure 5: South African Unemployment Rate, 2010-2019
Figure 6: South African Population by Age Group, 2010-2019
Figure 7: South African Non-Life Insurance Penetration - Regional Comparison (%), 2014
Figure 8: South African Insurance - Direct Written Premium Shares by Segment and Region (%), 2014
Figure 9: South African Non-Life Insurance - Gross Written Premium (ZAR Billion), 2010-2019
Figure 10: South African Non-Life Insurance - Penetration (%), 2010-2019
Figure 11: South African Non-Life Insurance - Premium per Capita (ZAR), 2010-2019
Figure 12: South African Non-Life Insurance - Paid Claims (ZAR Billion), 2010-2019
Figure 13: South African Non-Life Insurance - Profitability Ratios (%), 2010-2019
Figure 14: South African Non-Life Insurance - Total Assets (ZAR Billion), 2010-2019
Figure 15: South African Non-Life Insurance - Total Investment Income (ZAR Billion), 2010-2019
Figure 16: South African Non-Life Insurance - Investment Portfolio (ZAR Billion), 2010-2019
Figure 17: South African Non-Life Insurance - Investment Portfolio Dynamics by Category, 2010-2019
Figure 18: South African Non-Life Insurance - Gross Written Premium by Category (ZAR Billion and US$ Billion), 2010-2019
Figure 19: South African Non-Life Insurance - Gross Written Premium Dynamics by Category, 2010-2019
Figure 20: South African Property Insurance - Construction Value Output by Market (ZAR Billion), 2010-2014
Figure 21: South African Property Insurance - Gross Written Premium by Sub-Category (ZAR Billion), 2010-2019
Figure 22: South African Property Insurance - Gross Written Premium Dynamics by Sub-Category, 2010-2019
Figure 23: South African Property Insurance - Paid Claims (ZAR Billion), 2010-2019
Figure 24: South African Property Insurance - Earned Premium, Incurred Loss and Loss Ratio (ZAR Billion and %), 2010-2019
Figure 25: South African Total Vehicle Sales, 2010-2014
Figure 26: South African Total Vehicle Sales by Vehicle Type (% Share), 2014
Figure 27: South African Motor Insurance - Gross Written Premium (ZAR Billion), 2010-2019
Figure 28: South African Motor Insurance - Paid Claims (ZAR Billion), 2010-2019
Figure 29: South African Motor Insurance - Earned Premium, Incurred Loss and Loss Ratio (ZAR Billion and %), 2010-2019
Figure 30: South African Liability Insurance - Gross Written Premium (ZAR Billion), 2010-2019
Figure 31: South African Liability Insurance - Paid Claims (ZAR Billion), 2010-2019
Figure 32: South African Liability Insurance - Earned Premium, Incurred Loss and Loss Ratio (ZAR Billion and %), 2010-2019
Figure 33: South African Marine, Aviation and Transit Insurance - Gross Written Premium (ZAR Billion), 2010-2019
Figure 34: South African Marine, Aviation and Transit Insurance - Paid Claims (ZAR Billion), 2010-2019
Figure 35: South African Marine, Aviation and Transit Insurance - Earned Premium, Incurred Loss and Loss Ratio (ZAR Billion and %), 2010-2019
Figure 36: South African Frequency of Hazards by Type, 1990-2014
Figure 37: South African Mortality of Hazards by Type, 1990-2014
Figure 38: South African Economic Issues of Hazards by Type, 1990-2014
Figure 39: Shares of Key Insurers in the South African Non-Life Segment (%), 2014
Figure 40: South Africa - Insurance Supervision and Control at Various Levels
Figure 41: South Africa - Insurance Regulatory Frameworks for Company Registration and Operation

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